REG - Bajaj Hldgs & Inv - Half Yearly Report <Origin Href="QuoteRef">BJAT.NS</Origin> - Part 1

Bajaj Holdings And InvestmentAnnouncement

29/10/2014 13:19

RNS Number : 7502U
Bajaj Holdings & Investment Ltd
20 October 2014








Bajaj Holdings & Investment Limited
CIN : L35911PN1945PLC004656
Mumbai - Pune Road, Akurdi, Pune 411 035
Website : www.bhil.in ; e-mail : investors@bhil.in ; Telephone : +91 20 27472851 ; Fax : +91 20 27407380








Statement of standalone unaudited financial results for the quarter and half year ended 30 September 2014
(`In Crore)

Particulars
Quarter ended

Half year ended
Year ended


30.09.2014
30.06.2014
30.09.2013
30.09.2014
30.09.2013
31.03.2014


(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)








1 
Income from operations
 645.93 
 167.50 
 506.48 
 813.43 
 646.55 
 799.61 









Other Operating Income
 - 
 - 
 - 
 - 
 - 
 - 









TOTAL INCOME
 645.93 
 167.50 
 506.48 
 813.43 
 646.55 
 799.61 








2 
Expenses







(a) Employee benefits expense
 1.88 
 1.28 
 1.26 
 3.16 
 2.53 
 5.14 

(b) Depreciation and amortisation
 1.28 
 1.26 
 0.91 
 2.54 
 1.76 
 4.57 

(c) Other expenses (See note 2)
 2.72 
 2.34 
 6.75 
 5.06 
 9.58 
 15.99 

Total expenses
 5.88 
 4.88 
 8.92 
 10.76 
 13.87 
 25.70 








3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 640.05 
 162.62 
 497.56 
 802.67 
 632.68 
 773.91 








4 
Other income
 30.93 
 1.80 
 1.88 
 32.73 
 1.96 
 39.86 








5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 670.98 
 164.42 
 499.44 
 835.40 
 634.64 
 813.77 








6 
Finance costs
 - 
 - 
 - 
 - 
 - 
 - 








7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 670.98 
 164.42 
 499.44 
 835.40 
 634.64 
 813.77 








8 
Exceptional items
 - 
 - 
 - 
 - 
 - 
 - 








9 
Profit from ordinary activities before tax (7+8)
 670.98 
 164.42 
 499.44 
 835.40 
 634.64 
 813.77 








10 
Tax expense
 25.82 
 18.13 
 15.32 
 43.95 
 39.56 
 85.14 








11 
Net Profit from ordinary activities after tax (9-10)
 645.16 
 146.29 
 484.12 
 791.45 
 595.08 
 728.63 








12
Tax (debits)/credits pertaining to earlier years
 (0.51)
 1.32 
 - 
 0.81 
 - 
 4.72 








13
Net Profit / (Loss) for the period (11+12)
 644.65 
 147.61 
 484.12 
 792.26 
 595.08 
 733.35 








14 
Paid up Equity Share Capital (Face value of ` 10)
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 








15 
Reserves excluding Revaluation Reserves





 5,418.34 








16
Basic and Diluted Earnings Per Share ( `) (not annualised) 







before and after extraordinary items
 57.9 
 13.3 
 43.5 
 71.2 
 53.5 
 65.9 









Particulars
As at





30.09.2014
30.06.2014
30.09.2013
31.03.2014
A
Particulars of shareholding




1 
Public shareholding @





 Number of shares 
 66,588,070 
 66,588,070 
 66,588,070 
 66,588,070 

 Percentage of shareholding 
59.83%
59.83%
59.83%
59.83%
2 
Promoters and Promoter Group Shareholding





(a) Pledged / Encumbered





 Number of shares 
 - 
 - 
 - 
 - 

 Percentage of shares (as a % of the total shareholding of promoters and promoter group)
 - 
 - 
 - 
 - 

 Percentage of shares (as a % of the total share capital of the Company)
 - 
 - 
 - 
 - 

(b) Non-encumbered





 Number of shares 
 44,705,440 
 44,705,440 
 44,705,440 
 44,705,440 

 Percentage of shares (as a % of the total shareholding of promoters and promoter group)
100.00%
100.00%
100.00%
100.00%

 Percentage of shares (as a % of the total share capital of the Company)
40.17%
40.17%
40.17%
40.17%

@ including equity shares represented by GDRs.





Particulars
Quarter ended


30.09.2014
B
Investor complaints


Pending at the beginning of the quarter
Nil

Received during the quarter
6 

Disposed of during the quarter
6 

Remaining unresolved at the end of the quarter
Nil
Notes: 



1. 
Disclosure of standalone assets and liabilities as per clause 41(I)(ea) of the listing agreement for the half year ended 30 September 2014 -




(` In Crore)

Particulars 
As at 
30.09.2014 
As at 
30.09.2013 
As at 
31.03.2014 


(Unaudited) 
(Unaudited) 
(Audited) 
A 
Equity and liabilities 








1
Shareholders' funds 




(a) Share capital 
 111.29 
 111.29 
 111.29 

(b) Reserves and surplus 
 6,210.60 
 5,670.54 
 5,418.34 

Sub-total - Shareholders' funds 
 6,321.89 
 5,781.83 
 5,529.63 





2
Non-current liabilities 




(a) Deferred tax liabilities (net) 
 6.14 
 4.17 
 4.69 

(b) Other long-term liabilities 
 25.55 
 24.58 
 25.58 

(c) Long-term provisions 
 0.09 
 0.05 
 0.04 

Sub-total - Non-current liabilities 
 31.78 
 28.80 
 30.31 





3
Current liabilities 




(a) Trade payables 
 0.49 
 4.31 
 1.05 

(b) Other current liabilities 
 11.42 
 8.56 
 11.42 

(c) Short-term provisions 
 18.64 
 126.99 
 399.25 

Sub-total - Current liabilities 
 30.55 
 139.86 
 411.72 

Total - Equity and liabilities 
 6,384.22 
 5,950.49 
 5,971.66 
B 
Assets 








1
Non-current assets 




(a) Fixed assets 
 24.75 
 25.19 
 24.84 

(b) Non-current investments 
 5,018.98 
 4,545.72 
 5,029.33 

(c) Long-term loans and advances 
 155.06 
 325.36 
 226.76 

(d) Other non-current assets 
 56.88 
 190.00 
 52.40 

Sub-total - Non-current assets 
 5,255.67 
 5,086.27 
 5,333.33 





2
Current assets 




(a) Current investments 
 794.95 
 749.54 
 336.27 

(b) Cash and bank balances 
 252.74 
 63.23 
 265.00 

(c) Short-term loans and advances 
 0.86 
 0.89 
 0.07 

(d) Other current assets 
 80.00 
 50.56 
 36.99 

Sub-total - Current assets 
 1,128.55 
 864.22 
 638.33 

Total - Assets 
 6,384.22 
 5,950.49 
 5,971.66 















Notes (contd) :
















2.
Other expenses includes following - 














(` In Crore)


Particulars
Quarter ended


Half year ended

Year ended



30.09.2014
30.06.2014
30.09.2013
30.09.2014
30.09.2013
31.03.2014


Printing charges
 - 
 0.44 
 (0.02)
 0.44 
 0.38 
 0.40 


Rates and taxes
 0.88 
 0.13 
 0.12 
 1.01 
 0.26 
 3.10 


Business support service charges
 0.74 
 0.74 
 0.64 
 1.48 
 1.26 
 2.92 


Provision for diminution in current investments
 - 
 - 
 2.57 
 - 
 3.00 
 3.00 


Brokerage on letting of investment property
 - 
 - 
 2.64 
 - 
 2.64 
 2.30 










3.
The Company is essentially a holding and investment company focussing on earning income through dividends, interest and gains on investments held. Hence, the Company's business activity falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.

4.
The Company has opted to publish consolidated financial results, pursuant to option made available as per Clause 41 of the Listing Agreement. These standalone financial results are available on the Company's website viz. www.bhil.in and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com).

5.
Figures for previous year / period have been regrouped wherever necessary.




6.
` 1 crore is equal to ` 10 million.







7.
The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on 15 October 2014 and subjected to a limited review by the statutory auditors.


























By order of the Board of Directors







For Bajaj Holdings & Investment Limited



















Pune





Rahul Bajaj

Date : 15 October 2014





Chairman
 








Bajaj Holdings & Investment Limited
CIN : L35911PN1945PLC004656
Mumbai - Pune Road, Akurdi, Pune 411 035
Website : www.bhil.in ; e-mail : investors@bhil.in ; Telephone : +91 20 27472851 ; Fax : +91 20 27407380








Statement of consolidated unaudited financial results for the quarter and half year ended 30 September 2014








(`In Crore)

Particulars
Quarter ended

Half year ended
Year ended


30.09.2014
30.06.2014
30.09.2013
30.09.2014
30.09.2013
31.03.2014


(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)








1 
Net Sales and Income from operations
 184.61 
 172.28 
 89.81 
 356.89 
 231.17 
 386.70 








2 
Expenses







(a) Cost of materials consumed
 0.21 
 0.18 
 0.09 
 0.39 
 0.18 
 0.43 

(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade
 0.01 
 (0.02)
 0.01 
 (0.01)
 - 
 0.03 

(c) Employee benefits expense
 2.26 
 1.61 
 1.57 
 3.87 
 3.16 
 6.43 

(d) Depreciation and amortisation
 1.77 
 1.35 
 0.96 
 3.12 
 1.87 
 4.78 

(e) Other expenses
 2.84 
 2.56 
 6.86 
 5.40 
 9.79 
 16.48 

Total expenses
 7.09 
 5.68 
 9.49 
 12.77 
 15.00 
 28.15 








3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 177.52 
 166.60 
 80.32 
 344.12 
 216.17 
 358.55 








4
Other Income
 31.06 
 2.26 
 2.45 
 33.32 
 2.53 
 41.02 








5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 208.58 
 168.86 
 82.77 
 377.44 
 218.70 
 399.57 








6
Finance costs
 - 
 - 
 - 
 - 
 - 
 - 








7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 208.58 
 168.86 
 82.77 
 377.44 
 218.70 
 399.57 








8
Exceptional items
 - 
 - 
 - 
 - 
 - 
 - 








9 
Profit from ordinary activities before tax (7-8)
 208.58 
 168.86 
82.77 
 377.44 
 218.70 
 399.57 








10
Tax expense
 25.89 
 19.03 
 15.48 
 44.92 
 39.89 
 85.84 








11 
Net Profit from ordinary activities after tax (9-10)
 182.69 
 149.83 
67.29 
 332.52 
 178.81 
 313.73 








12
Add : Tax (debits)/credits pertaining to earlier years
 (0.51)
 1.32 
 - 
 0.81 
 - 
 4.72 








13
Add: Share of Profit after tax on Investments in Associates
 327.86 
 371.21 
 392.69 
 699.07 
 724.35 
 1,669.11 








14
Less: Minority Interest in Net Income of subsidiaries
 - 
 - 
 - 
 - 
 - 
 - 








15
Net Profit / (Loss) for the period (11+12+13-14)
 510.04 
 522.36 
 459.98 
 1,032.40 
 903.16 
 1,987.56 








16 
Paid up Equity Share Capital (Face value of ` 10)
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 








17
Reserves excluding Revaluation Reserves





 11,887.69 








18
Basic and Diluted Earnings Per Share ( `) (not annualised) 







before and after extraordinary items
 45.8 
 46.9 
 41.3 
 92.8 
 81.2 
 178.6 









Particulars
As at





30.09.2014
30.06.2014
30.09.2013
31.03.2014
A
Particulars of shareholding




1 
Public shareholding @





 Number of shares 
 66,588,070 
66,588,070
 66,588,070 
 66,588,070 

 Percentage of shareholding 
59.83%
59.83%
59.83%
59.83%
2 
Promoters and Promoter Group Shareholding





(a) Pledged / Encumbered





 Number of shares 
 - 
 - 
 - 
 - 

 Percentage of shares (as a % of the total shareholding of promoters and promoter group)
 - 
 - 
 - 
 - 

 Percentage of shares (as a % of the total share capital of the Company)
 - 
 - 
 - 
 - 

(b) Non-encumbered





 Number of shares 
 44,705,440 
 44,705,440 
 44,705,440 
 44,705,440 

 Percentage of shares (as a % of the total shareholding of promoters and promoter group)
100.00%
100.00%
100.00%
100.00%

 Percentage of shares (as a % of the total share capital of the Company)
40.17%
40.17%
40.17%
40.17%

@ including equity shares represented by GDRs.











Particulars
Quarter ended





30.09.2014



B
Investor complaints





Pending at the beginning of the quarter
Nil




Received during the quarter
6 




Disposed of during the quarter
6 




Remaining unresolved at the end of the quarter
Nil



Notes: 








1.
The consolidated financial results include results of the following companies:



Name of the company 

% shareholding and voting power of Bajaj Holdings & Investment Limited
Consolidated as
a.
Bajaj Auto Limited 

31.49%
Associate
b.
Bajaj Finserv Limited 

39.16%
Associate
c.
Bajaj Auto Holdings Limited 

100%
Subsidiary
d.
Maharashtra Scooters Limited 

24%
Joint venture





2.
Disclosure of consolidated assets and liabilities as per clause 41(I)(ea) of the listing agreement for the half year ended 30 September 2014 -




(` In Crore)

Particulars 
As at 
30.09.2014 
As at 
30.09.2013 
As at 
31.03.2014 


(Unaudited) 
(Unaudited) 
(Audited) 
A 
Equity and liabilities 








1
Shareholders' funds 




(a) Share capital 
 111.29 
 111.29 
 111.29 

(b) Reserves and surplus 
 12,814.72 
 11,128.30 
 11,887.69 

Sub-total - Shareholders' funds 
 12,926.01 
 11,239.59 
 11,998.98 





2
Minority Interest 
 - 
 - 
 - 





3
Non-current liabilities 




(a) Deferred tax liabilities (net) 
 6.14 
 4.17 
 4.69 

(b) Other long-term liabilities 
 30.47 
 30.43 
 30.98 

(c) Long-term provisions 
 0.12 
 0.07 
 0.11 

Sub-total - Non-current liabilities 
36.73 
 34.67 
 35.78 





4
Current liabilities 




(a) Trade payables 
 0.87 
 4.63 
 1.32 

(b) Other current liabilities 
 12.93 
 9.97 
 12.76 

(c) Short-term provisions 
 18.82 
 127.16 
 399.40 

Sub-total - Current liabilities 
 32.62 
 141.76 
 413.48 

Total - Equity and liabilities 
12,995.36 
 11,416.02 
 12,448.24 
B 
Assets 








1
Non-current assets 




(a) Fixed assets 
 26.04 
 27.17 
 26.69 

(b) Goodwill on consolidation 
 505.11 
 505.11 
 505.11 

(c) Non-current investments 
 11,052.60 
 9,471.19 
 10,932.02 

(d) Long-term loans and advances 
 159.11 
 329.84 
 231.36 

(e) Other non-current assets 
 56.89 
 190.01 
 52.42 

Sub-total - Non-current assets 
 11,799.75 
 10,523.32 
 11,747.60 





2
Current assets 




(a) Current investments 
 855.19 
 773.20 
 392.91 

(b) Inventories 
 0.13 
 0.14 
 0.12 

(c) Trade receivables 
 0.59 
 0.29 
 0.31 

(d) Cash and bank balances 
 257.32 
 66.07 
 268.53 

(e) Short-term loans and advances 
 1.59 
 1.68 
 0.58 

(f) Other current assets 
 80.79 
 51.32 
 38.19 

Sub-total - Current assets 
 1,195.61 
 892.70 
 700.64 

Total - Assets 
 12,995.36 
 11,416.02 
 12,448.24 





Notes (contd.) :














3.
The Company is essentially a holding and investment company focusing on earning income through dividends, interest and gains on investments held. Hence, the Company's business activity falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.
4.
The Company has opted to publish consolidated financial results, pursuant to option made available as per Clause 41 of the Listing Agreement. The standalone financial results are available on the Company's website viz. www.bhil.in and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). Key standalone financial information is given below:







(` In Crore)

Particulars
Quarter ended


Half year ended

Year ended


30.09.2014
30.06.2014
30.09.2013
30.09.2014
30.09.2013
31.03.2014

Income from operations and other income
 676.86 
 169.30 
 508.36 
 846.16 
 648.51 
 839.47 

Profit before tax
 670.98 
 164.42 
 499.44 
 835.40 
 634.64 
 813.77 

Profit after tax
 644.65 
 147.61 
 484.12 
 792.26 
 595.08 
 733.35 








5.
Figures for previous year / period have been regrouped wherever necessary.




6.
` 1 crore is equal to ` 10 million.






7.
The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on 15 October 2014 and subjected to a limited review by the statutory auditors.
















By order of the Board of Directors
For Bajaj Holdings & Investment Limited
















Pune



Rahul Bajaj
Date : 15 October 2014





Chairman
Press release
Financial results - Q2 FY15 
A meeting of the Board of Directors of Bajaj Holdings & Investment Limited (BHIL) was held today to consider and approve the results for Q2 FY15.
1. Highlights 
Q2 FY15 v/s Q2 FY14
 Consolidated profit after tax - ` 510 crore v/s ` 460 crore - 11%
 Standalone profit after tax - ` 645 crore v/s ` 484 crore - 33%
H1 FY15 v/s H1 FY14
 Consolidated Profit After Tax - ` 1,032 crore v/s ` 903 crore - 14%
 Standalone Profit After Tax - ` 792 crore v/s ` 595 crore - 33%
2. Consolidated results
BHIL, with a sizeable pool of cash and cash equivalents, is essentially an investment company, holding as on 30 September 2014, strategic stakes of 31.49% in Bajaj Auto Limited (BAL) and 39.16% in Bajaj Finserv Limited (BFS), the results of which are consolidated with BHIL. 
 BAL continues to be the leader in Auto industry in terms of EBITDA with a margin of 20.8%and recorded profit after tax of ` 591 crore. This was after recognising liability of ` 340 crore towards National Calamity Contingent Duty (NCCD) of its Pantnagar plant for the last seven and half years, i.e. 1 April 2007 to 30 September 2014 as per ruling of Honourable High Court of Uttarakhand. But for this exceptional charge, profit after tax would have been ` 853 crore.
 BFS (consolidated) net profit increasedby14% from ` 277 crore to ` 316 crore.
Bajaj Finserv's consolidated results include results of its lending arm Bajaj Finance Limited and its two insurance subsidiaries - Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited.
Summary of consolidated financials of BHIL is as under: 
` In Crore
Q2 FY15
Q2 FY14
H1 FY15
H1 FY14
FY14
Net sales and other income
216
92
390
234
428
Income from associates after tax
328
393
699
724
1,669
Profit after tax
510
460
1,032
903
1,988
3. Standalone results
With equity market performing well, this quarter provided an opportunity to the Company to book profits on some of its investments.
Profit on sale of investments (net) during Q2 FY15 was `90 crore v/s ` 9 crore during Q2 FY14.
Details of standalone financials are given below:
` In Crore
Q2 FY15
Q2 FY14
H1 FY15
H1 FY14
FY14
Dividend :





 - From BAL, BFS and MSL
473
425
473
425
425
 - From others
24
22
49
46
55
Profit on sale of investments (net)
90
9
178
73
104
Interest and other income
86
51
138
104
245
Rent from investment property
4
1
8
1
10
Total revenue
677
508
846
649
839
Total expenses
6
9
11
14
25
Profit before tax
671
499
835
635
814
Profit after tax
645
484
792
595
733
4. Investments
The cost and market value of the investment portfolio is as under:
` In Crore
30-Sep-14
31-Mar-14
Cost
Market value
Cost
Market value
Equity shares - BAL, BFS and MSL
1,030
28,714
1,030
24,021
Equity shares - others
1,666
3,390
1,814
3,136
Fixed income securities
2,921
3,024
2,322
2,340
Fixed deposits
190
190
240
240
Total
5,807
35,318
5,406
29,737
NAV of the above investments was ` 3,173 per share as on 30 September 2014.
Sanjiv Bajaj 
Managing Director
15 October 2014
Annexure - Consolidated results of BHIL



















(`In Crore)
Q2 FY15
Q2 FY14
H1 FY15
H1 FY14
FY14







1 
Net Sales and Income from operations
 184.61 
 89.81 
 356.89 
 231.17 
 386.70 







2 
Expenses






(a) Cost of materials consumed
 0.21 
 0.09 
 0.39 
 0.18 
 0.43 

(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade
 0.01 
 0.01 
 (0.01)
 - 
 0.03 

(c) Employee benefits expense
 2.26 
 1.57 
 3.87 
 3.16 
 6.43 

(d) Depreciation and amortisation
 1.77 
 0.96 
 3.12 
 1.87 
 4.78 

(e) Other expenses
 2.84 
 6.86 
 5.40 
 9.79 
 16.48 

Total expenses
 7.09 
 9.49 
 12.77 
 15.00 
 28.15 







3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 177.52 
 80.32 
 344.12 
 216.17 
 358.55 







4 
Other Income
 31.06 
 2.45 
 33.32 
 2.53 
 41.02 







5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 208.58 
 82.77 
 377.44 
 218.70 
 399.57 







6
Finance costs
 - 
 - 
 - 
 - 
 - 







7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 208.58 
 82.77 
 377.44 
 218.70 
 399.57 







8
Exceptional items
 - 
 - 
 - 
 - 
 - 







9 
Profit from ordinary activities before tax (7-8)
 208.58 
82.77 
 377.44 
 218.70 
 399.57 







10 
Tax expense
 25.89 
 15.48 
 44.92 
 39.89 
 85.84 







11 
Net Profit from ordinary activities after tax (9-10)
 182.69 
67.29 
 332.52 
 178.81 
 313.73 







12
Add : Tax (debits)/credits pertaining to earlier years
 (0.51)
 - 
 0.81 
 - 
 4.72 







13 
Add: Share of Profit after tax on Investments in Associates
 327.86 
 392.69 
 699.07 
 724.35 
 1,669.11 







14
Less: Minority Interest in Net Income of subsidiaries
 - 
 - 
 - 
 - 
 - 







15
Net Profit / (Loss) for the period (11+12+13-14)
 510.04 
 459.98 
 1,032.40 
 903.16 
 1,987.56 







16
Basic and Diluted Earnings Per Share ( `) (not annualised) 






before and after extraordinary items
 45.8 
 41.3 
 92.8 
 81.2 
 178.6 








This information is provided by RNS
The company news service from the London Stock Exchange
  END
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